DailyQ #27: Do I need to write a business plan?

Do I need to write a business plan? Troy Hoffman suggests briefly drafting a business plan to get an understanding of costs and timeline, but investing more effort in the work. It's going to be a grind and you need the best head start you can get.

Go through the exercise of putting one together and working on the economics. Dive deep into the marketing costs, startup expenses, insurance and employee expenditures. While a business plan may not be necessary, it's a great exercise to get clear on what it takes to get your idea off the ground.

What is the vision that you want to manifest?

If you're super clear on your vision and next steps, rather than spending two months on mundane details, start taking action. Understand your burn rate and get some revenue flowing, because your business will consume all your dollars and every ounce of your energy.

What do you need to do today to move your business forward one step?

A business plan will identify milestones to achieve, but it will not move you forward. You have to do the work. There are tons of books that outline the critical first startup days, like Launch, by my friend Scott Duffy, or Paper Napkin Wisdom by Jack Daly. Check out Score: Senior Corps of Retired Executives. Spend the time researching knowledge on your specific area.

Do you have a clear vision? Are you committed to making it happen no matter what?

Now go and live your destiny!


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